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By Susanna Twidale
June 17 (Reuters) - British renewable power generator and
network operator SSE Plc confirmed its full-year
dividend and posted a better- than-expected annual pre-tax
profit on Wednesday, but warned the coronavirus crisis would
dent earnings for the current financial year.
The company turned its focus to renewable power generation
and networks after selling its household energy supply and
services arm to OVO Energy at the beginning of the year in a
deal worth 500 million pounds ($628.40 million).
SSE's adjusted profit before tax rose to 1.02 billion pounds
for the 12 months ended March 31, beating analysts' estimates of
959.3 million pounds.
Its shares rose more than 5% early on Wednesday.
SSE said it would stick with the planned full-year dividend
of 80 pence per share for 2018/19, with the final 56p share
payment to be made on September 18 2020.
"We have put in place a comprehensive plan to achieve the
related objectives of sustaining the dividend payments which
provides vital income for people's pensions and savings,"
Richard Gillingwater, SSE chairman, said in a statement.
More than 100 British companies, including retailer Marks
and Spencer and broadcaster ITV, earlier this
year postponed or ditched dividend payments to preserve cash
because of the economic fallout from the novel coronavirus.
.
SSE said it was too soon to predict accurately the full
extent of the coronavirus hit to the business, but said it
expected a negative impact of 150-250 million pounds in 2020/21,
mainly because of lower energy demand.
SSE has a number of renewable projects in development and
earlier this month sold a 51% stake in its Seagreen 1 British
offshore wind farm project to oil major Total
.
($1 = 0.7953 pounds)
(Reporting By Susanna Twidale, additional reporting by Shanima
A in Bengaluru; Editing by Rashmi Aich and Barbara Lewis)
